How JUMO Aims To Provide Financial Services Through Digital Solutions. JUMO is a financial technology company that partners with banks, MNOs and other e-commerce players to deliver progressive financial choices to customers in emerging markets across Africa and Asia. JUMO connects people to opportunities as two billion people worldwide have limited access to formal financial services such as borrowing and saving. The company has built a large-scale, multi-sided technology platform and designed progressive financial choices to reach them. It uses its digital footprint to create a financial identity using only behavioural data. The company has customers in emerging markets across Africa and Asia. Most of them are micro and small to medium enterprises that need instant access to finance so they can grow and invest.
JUMO was founded in 2015 by Andrew Watkins-Ball, with a vision of reimagining finance in emerging markets. The founding team started working to prove that data can be used to predict the financial behaviour of millions of people without access to finance. Credit risk, engineering and other capabilities were developed with industry-leading talent. JUMO is a full technology stack for building and running financial services as it uses advanced data science and machine learning to create the fastest and leanest financial services infrastructure.
Its partners use their technology stack to offer savings, lending and insurance products to entrepreneurs in emerging markets. These next-generation products give anyone with a cell phone and mobile wallet access to unprecedented financial choice, enabling millions of people to prosper, build their businesses and drive economic growth.
This cloud and AI-powered technology stack connects banks with traditionally inaccessible customers in cost-effective, low-risk and responsible ways. It has managed to secure partners such as Airtel, Absa, MTN, Letshego and Mansa Bank to provide these services.
So far the company has served more than 10 million customers and disbursed over 40 million loans. Fast Company SA named JUMO one of the most innovative companies owing to advanced data science and Machine Learning capabilities. Timiza Akiba, a JUMO-powered savings product, grew 30% in 3 months despite COVID conditions. JUMO also won Platinum for Responsible Digital Innovator of the Year and Silver for Product Innovation of the Year at the Global SME Finance Forum Awards.
